News
Asiana Airlines sells head office in restructuring
May 25th 2018
South Korea’s second international carrier, Star Alliance member Asiana Airlines, has sold its headquarters in Seoul to Deutsche Bank for US$390 million to reduce debt. Read More » The sale was advised and overseen by Korea Development Bank (KDB), one of Asiana's key creditors.
The Kumho Group carrier hopes to “optimize [its] capital and debt structure” and improve long-term liquidity. It has raised new loans, sold shares in a logistics firm and issued convertible bonds. In 2017, the HNA Group purchased a minority holding in Asiana parent, Kumho. Asiana has KRW4 trillion in debt, with KRW2 trillion set to mature this year.
Earlier this month, Asiana reported first-quarter operating revenues of KRW64.3 billion, the highest in more than three years but still reported a KRW5.4 billion (US$5 million) net loss for the three months to March 31, largely because of foreign exchange losses. The airline expects to announce a full year profit.
